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The differences between credit risk analysts and credit officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 1-2 years to become both a credit risk analyst and a credit officer. Additionally, a credit officer has an average salary of $129,478, which is higher than the $85,376 average annual salary of a credit risk analyst.
The top three skills for a credit risk analyst include risk management, SAS and SQL. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Credit Risk Analyst | Credit Officer | |
| Yearly salary | $85,376 | $129,478 |
| Hourly rate | $41.05 | $62.25 |
| Growth rate | 11% | 17% |
| Number of jobs | 32,578 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 69% |
| Average age | 39 | 39 |
| Years of experience | 2 | 2 |
A credit risk analyst's primary role is to assess loan and purchase applications to determine a client's ability to uphold financial obligations. Their responsibilities revolve around performing various analyzation techniques to evaluate financial risks, maintain records of all applications and relevant data, and provide advice on businesses on whether to approve or decline the credit application. Furthermore, a credit risk analyst may perform clerical tasks such as producing progress reports and presentations, responding to inquiries, and coordinating with all departments.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Credit risk analysts and credit officers have different pay scales, as shown below.
| Credit Risk Analyst | Credit Officer | |
| Average salary | $85,376 | $129,478 |
| Salary range | Between $62,000 And $116,000 | Between $85,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Western Alliance Bank | Farm Credit System |
| Best paying industry | Government | Finance |
There are a few differences between a credit risk analyst and a credit officer in terms of educational background:
| Credit Risk Analyst | Credit Officer | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 69% |
| Most common major | Finance | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit risk analysts' and credit officers' demographics:
| Credit Risk Analyst | Credit Officer | |
| Average age | 39 | 39 |
| Gender ratio | Male, 56.4% Female, 43.6% | Male, 64.4% Female, 35.6% |
| Race ratio | Black or African American, 7.6% Unknown, 2.6% Hispanic or Latino, 9.5% Asian, 10.5% White, 69.4% American Indian and Alaska Native, 0.3% | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |